$249 Million Worth of Bitcoin Positions Liquidated After Price Drop

user avatar

by Giorgi Kostiuk

2 years ago

Over the past 24 hours, the cryptocurrency market witnessed a significant drop, leading to $249 million worth of long positions being liquidated due to the rise in the 10-year U.S. Treasury yield.

Reason Behind the Crash

Bitcoin's sharp price decline followed an increase in the 10-year U.S. Treasury yield. The Institute for Supply Management (ISM) released its latest report indicating a rise in the December Purchasing Managers' Index, sparking inflation concerns.

Market Reaction

In response to this data, U.S. equity markets also experienced a substantial drop. The Nasdaq-100 index fell by 1.3% and the S&P 500 slipped by 0.57%. Shares of MicroStrategy, the largest corporate holder of Bitcoin, dropped nearly 9% on Tuesday.

Experts' Position

Although the ISM services index is concerning for risk assets, Oliver Allen of Pantheon Macroeconomics believes that these data might not indicate a persistent inflation trend.

"The index is pretty volatile and often swings up and down without this ever showing up in the inflation numbers. We had a similar scare last January that ended up being a big fat nothing,"Oliver Allen

Markets continue to experience turmoil due to inflation concerns causing sharp fluctuations in cryptocurrency and stock prices. While recent economic data are alarming, experts caution against drawing definitive conclusions too soon.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Anyflo Launches as a New Player in Stablecoin Payments

Anyflo has emerged as a stablecoin payments orchestration company, simplifying stablecoin use for enterprises.

user avatarElias Mukuru

Sui's Hashi to Launch Mainnet with $500 Million Backing

Sui's Hashi is set to begin a phased mainnet rollout later this month, supported by over $500 million in capital commitments.

user avatarMohamed Farouk

Chainlink Introduces CCIP Vault Adapters to Streamline Cross-Chain DeFi Transactions

Chainlink has launched CCIP Vault Adapters, enabling DeFi vaults to accept deposits from over 80 blockchains without manual bridging.

user avatarDiego Alvarez

Bitcoin Faces Major Price Decline Amidst Market Turmoil

Bitcoin's price has dropped significantly, erasing nearly half of its September gains.

user avatarKenji Takahashi

Coinbase to Cease Sports Event Contracts in Michigan

Coinbase Financial Markets will stop offering new sports-related event contracts to Michigan customers by midnight Eastern Time on October 10.

user avatarMaria Fernandez

Viral Mods Showcase Creative Game Merges

Several viral mods have gained attention, including Minecraft in Elden Ring and Spider-Man in Gotham City.

user avatarRajesh Kumar

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.